COMMERCIAL.

Gisborne Times, Volume XXV, Issue 2056, 6 December 1907, Page 2

COMMERCIAL.

THE WOOL MARKET,

FIRST LOCAL SALE

THUS WHOLE ENTRY PASSED ON

Tho first of this season’s sales under tlie auspices of the Gisborne Woolbrokers’ Association was held in the Farmers’ Union Club rooms yesterday morning. Tho buyers present, were Messrs. Burke, Kearsley, Holmes, Howarth, Watson and Tidswell for wool and skins, and Mr. G. Williams for tallow. Throughout, the sale was very disappointing. The highest bid for ileecowool was 7d and this was considerably below the reserve, "the bids on an average being 2d to 3d below the sellers’ ideas of value. (Nearly 1000 bales of fleece wool were offered, bwt not one was sold, sellers preferring to ship Home. A small number of skins were sold at 5Jd to sid. Tallow brought up to 20s per owt. There was only one buyer for hides and ho did not hid unyiwhero near the reserves. Dead wool brought 4id and 4-Jd and crutch mgs 3fd. A fadge of pieces sold at 2'd. A QCTIONEERS’ REPORTS.

Messrs Bennett and Sherratt report:—*We sold no wool, the offers not being in keeping with tlie sellers’ idea of value. Skins brought up to bid. ■Messrs Common, Shelton and Co. report: The wool-buyers’competition 1 was very slack indeed, and practically all tho wool passed in, not reaching owners’ reserves. The Skins showed a very great drop on L. year’s sale, tho bulk of the entry failing to reach the brokers’ reserves. Sorted skins sold from 2s 3d to •5g 9d, according to quality, and appeared to elicit better "competition than dry skins. ' Good station skins brought from sjd to 53d. Messrs Dalgety and-Co. report: The sale as far as wool was concerned was a great disappointment. The date of the sale was fixed, to suit the English aiYd Continental buyers, and they failed to appear, although the date was made at their own suggestion, and a good deal of trouble was gone to in the preparing of catalogues and showing the wool. It is explained that these buyers wanted to go on to Wellington, as by attending our sales they would m.’sr, sales where 8000 or 9000 bales would be offered. The unfortunate. tiling is that they did not have this inmind when suggesting the date. The sale as far as wool was concerned was in no sense a success, there being none sold. Had the English and Continental buyers attended business might have been done, but the buyers offered much below sellers’ idea of value, in some oases 2d to 3d, and even more, less than sellers wanted. Our highest' offer was 7d. Skins, of which we liad about 800 to offer, brought up to bid, the best lines being passed in. There was no competition for hides. Tallow brought 20s per cwt. ■(Messrs.. Willi'ams and Kettle report : We offered about 330 baler wool, but the prices offered by the buyers were not in accord with tlm idea of values expressed hy the growers, and every line of fleece wool was passed-

STATE OF THE MARKET. .BIG DROP PREDICTED. OPINION OF A LARGE BUYER. In view of the disappointing nature of the sale a- Gisborne Times reporter waited on one of Abe most prominent buyers present to endeavor to get some idea as to the cause. “In the first place,” said _tlie buyer,” the reserves were too'High. Without doubt we would havebought at the reserve eighteen months ago; but the market is quite different now. A cycle of low prices is about to set in. Its influence was lolicejble in mutton, butter and cotton, and in time it must also ex;end to wool. As an instance: In Napier recently I bought best- lambs’ for 6d. whereas a year ago I .was paving fd for tlie same quality of wool. ’ The reserves were altogether too high, one lot of bellies for which I was prepared to give 5d being reserved at 73d. Esiiecially must the '.reserves he considered high when it j.« remembered that the wool offered was of very mediocre quality, and could be bought in Wellington at between 6d and 7d. All the buyers are dissatisfied with tho sale, and express tlie opinion that unless sellers fall into line with the now range of prices the next sale will be just as big a failure as the one just over. Another had feature of tlie stile war that the best, of the wool was withdrawn. A lot for which I was rocpared to pay 81d was with.lriwn before the sale. 111 other cases wool which was really locks was sold as pieces. Personally I do not feel greaUy disappointed at getting no wool, except as far as the the waste of tone is concerned, for, taking into aerv.u nt the present state of the market, I am convinced that the wool r ' ieii failed to find buyers to-day will he procurable at Home at a price under that offered to-day. I do not say that prices will drop all at once, hut I do say that before long pricer at Home will be lower than were offered to-day. Tlie opinion is fairly general that the buyers have their heads together to keep prices down; but we were all acting on limits supplied by Headquarters, and that of itself, is a good indication of what the state or the market is. In conclusion I would direct the attention of wool-growers to the Wellington sales, to be'held shortly, and without hesitation I assert that prices will be found to be similar to those offered vere.”

About 0000 bales of wool are to be shipped away from here i.niuig the next few days. The Waiwera, which arrived yesterday, takes about 800 hales, and the Turakina and Niwar.u duo to-day take about 2,500 bales each. WOOL STILL DOWN. United Press Association—Copyright LONDON, Dec. 4. At the wool sales there was animated competition. Crossbreds sold well. Merinos were rather irregular. HIDES DULL. United Press Association—Copyright (Received Dec. 6, ’ 1 10 a.m.) MELBOURNE, Dec. 5. Hides are dull, and a. farthing lower all round. 9

Press Association. NAPIER, Dec. 5. The Colonial Consignment and Distributing Company, London, cable the following report on the frozen meat market: “To-day’s quotations are: Canterbury mutton 3|d, Napier, Wellington, and North Island 3§d; lambs, first ouality sgd, second • ojd ; beef, hinds 3fd, fores 23d.” "DUNEDIN' Dec. 5. The price of first-class kauri timber on Dunedin wharf has advanced four shillings per 100 ft, as from lwt inst

The New Zealand Loan and Mercantile Agency Compaiy, Ltd., report: “We have received the follow-

ing cablegram from our London office under yesterday’s date: ‘WooIY As dompared with last sale’s closing rates, prices are 5 per cent lower for super, greasy merino, about If. per cent, lower for medium merino and scoured super. merino, and about 15 per cent lower for inferior and faulty wool. Meanwhile market is fairly active.”